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Why Cybersecurity Is Really A Business Problem

Why Cybersecurity Is Really A Business Problem

Bottom Line: Absolute’s 2020 Endpoint Resilience Report illustrates why the purpose of any cybersecurity program needs to be attaining a balance between protecting an organization and the need to keep the business running, starting with secured endpoints.

Enterprises who’ve taken a blank-check approach in the past to spending on cybersecurity are facing the stark reality that all that spending may have made them more vulnerable to attacks. While cybersecurity spending grew at a Compound Annual Growth Rate (CAGR) of 12% in 2018, Gartner’s latest projections are predicting a decline to only 7% CAGR through 2023. Nearly every CISO I’ve spoken with in the last three months say prioritizing cybersecurity programs by their ROI and contribution to the business is how funding gets done today.

Cybersecurity Has Always Been A Business Decision

Overcoming the paradox of keeping a business secure while fueling its growth is the essence of why cybersecurity is a business decision. Securing an entire enterprise is an unrealistic goal; balancing security and ongoing operations is. CISOs speak of this paradox often and the need to better measure the effectiveness of their decisions.

This is why the findings from Absolute’s 2020 State of Endpoint Resilience Report​  are so timely given the shift to more spending accountability on cybersecurity programs. The report’s methodology is based on anonymized data from enterprise-specific subsets of nearly 8.5 million Absolute-enabled devices active across 12,000+ customer organizations in North America and Europe. Please see the last page of the study for additional details regarding the methodology.

Key insights from the study include the following:

  • More than one of every three enterprise devices had an Endpoint Protection (EP), client management or VPN application out of compliance, further exposing entire organizations to potential threats. More than 5% of enterprise devices were missing one or more of these critical controls altogether. Endpoints, encryption, VPN and Client Management are more, not less fragile, despite millions of dollars being spent to protect them before the downturn. The following graphic illustrates how fragile endpoints are by noting average compliances rate alongside installation rates:
  • When cybersecurity spending isn’t being driven by a business case, endpoints become more complex, chaotic and nearly impossible to protect. Absolute’s survey reflects what happens when cybersecurity spending isn’t based on a solid business decision, often leading to multiple endpoint security agents. The survey found the typical organization has 10.2 endpoint agents on average, up from 9.8 last year. One of the most insightful series of findings in the study and well worth a read is the section on measuring Application Resilience. The study found that the resiliency of an application varies significantly based on what else it is paired with. It’s interesting to see that same-vendor pairings don’t necessarily do better or show higher average compliance rates than pairings from different vendors. The bottom line is that there’s no guarantee that any agent, whether sourced from a single vendor or even the most innovative vendors, will work seamlessly together and make an organization more secure. The following graphic explains this point:
  •  60% of breaches can be linked to a vulnerability where a patch was available, but not applied. When there’s a compelling business case to keep all machines current, patches get distributed and installed. When there isn’t, operating system patches are, on average, 95 days late. Counting up the total number of vulnerabilities addressed on Patch Tuesday in February through May 2020 alone, it shows that the average Windows 10 enterprise device has hundreds of potential vulnerabilities without a fix applied – including four zero-day vulnerabilities. Absolute’s data shows that Post-Covid-19, the average patch age has gone down slightly, driven by the business case of supporting an entirely remote workforce.
  • Organizations that had defined business cases for their cybersecurity programs are able to adapt better and secure vulnerable endpoint devices, along with the sensitive data piling up on those devices, being used at home by employees. Absolute’s study showed that the amount of sensitive data – like Personal Identifiable Information (PII), Protected Health Information (PHI) and Personal Financial Information (PFI) data – identified on endpoints soared as the Covid-19 outbreak spread and devices went home to work remotely. Without autonomous endpoints that have an unbreakable digital tether to ensure the health and security of the device, the greater the chance of this kind of data being exposed, the greater the potential for damages, compliance violations and more.

Conclusion

Absolute’s latest study on the state of endpoints amplifies what many CISOs and their teams are doing today. They’re prioritizing cybersecurity endpoint projects on ROI, looking to quantify agent effectiveness and moving beyond the myth that greater compliance is going to get them better security. The bottom line is that increasing cybersecurity spending is not going to make any business more secure, knowing the effectiveness of cybersecurity spending will, however. Being able to capable of tracking how resilient and persistent every autonomous endpoint is in an organization makes defining the ROI of endpoint investments possible, which is what every CISO I’ve spoken with is focusing on this year.

Why Securing Endpoints Is The Future Of Cybersecurity

Why Securing Endpoints Is The Future Of Cybersecurity

  • 86% of all breaches are financially motivated, where threat actors are after company financial data, intellectual property, health records, and customer identities that can be sold fast on the Dark Web.
  • 70% of breaches are perpetrated by external actors, making endpoint security a high priority in any cybersecurity strategy.
  •  55% of breaches originate from organized crime groups.
  • Attacks on Web apps accessed from endpoints were part of 43% of breaches, more than double the results from last year.

These and many other insights are from Verizon’s 2020 Data Breach Investigations Report (DBIR), downloadable here (PDF, 119 pp. free, opt-in). One of the most-read and referenced data breach reports in cybersecurity, Verizon’s DBIR, is considered the definitive source of annual cybercrime statistics. Verizon expanded the scope of the report to include 16 industries this year, also providing break-outs for Asia-Pacific (APAC); Europe, Middle East and Africa (EMEA); Latin America and the Caribbean (LAC); and North America, Canada, and Bermuda, which Verizon says is experiencing more breaches (NA).

The study’s methodology is based on an analysis of a record total of 157,525 incidents. Of those, 32,002 met Verizon’s quality standards, and 3,950 were confirmed data breaches. The report is based on an analysis of those findings. Please see Appendix A for the methodology.

Key insights include the following:

  • Verizon’s DBIR reflects the stark reality that organized crime-funded cybercriminals are relentless in searching out unprotected endpoints and exploiting them for financial gain, which is why autonomous endpoints are a must-have today. After reading the 2020 Verizon DBIR, it’s clear that if organizations had more autonomous endpoints, many of the most costly breaches could be averted. Autonomous endpoints that can enforce compliance, control, automatically regenerating, and patching cybersecurity software while providing control and visibility is the cornerstone of cybersecurity’s future. For endpoint security to scale across every threat surface, the new hybrid remote workplace is creating an undeletable tether to every device as a must-have for achieving enterprise scale.
  • The lack of diligence around Asset Management is creating new threat surfaces as organizations often don’t know the current health, configurations, or locations of their systems and devices. Asset Management is a black hole in many organizations leading to partial at best efforts to protect every threat surface they have. What’s needed is more insightful data on the health of every device. There are several dashboards available, and one of the most insightful is from Absolute, called the Remote Work and Distance Learning Insights Center. An example of the dashboard shown below:
  • 85% of victims and subjects were in the same country, 56% were in the same state, and 35% were even in the same city based on FBI Internet Crime Complaint Center (IC3) data. Cybercriminals are very opportunistic when it comes to attacking high-profile targets in their regions of the world. Concerted efforts of cybercriminals funded by organized crime look for the weakest threat surfaces to launch an attack on, and unprotected endpoints are their favorite target. What’s needed is more of a true endpoint resilience approach that is based on a real-time, unbreakable digital tether that ensures the security of every device and the apps and data it contains.
  • Cloud assets were involved in about 24% of breaches this year, while on-premises assets are still 70%. Ask any CISO what the most valuable lesson they learned from the pandemic has been so far, and chances are they’ll say they didn’t move to the cloud quickly enough. Cloud platforms enable CIOs and CISOs to provide a greater scale of applications for their workforces who are entirely remote and a higher security level. Digging deeper into this, cloud-based Security Information and Event Management (SIEM) provides invaluable real-time analysis, alerts, and deterrence of potential breaches. Today it’s the exceptional rather than the rule that CISOs prefer on-premise over cloud-based SIEM and endpoint security applications. Cloud-based endpoint platforms and the apps they support are the future of cybersecurity as all organizations now are either considering or adopting cloud-based cybersecurity strategies.
  • Over 80% of breaches within hacking involve brute force or the use of lost or stolen credentials. One of the most valuable insights from the Verizon DBIR is how high of a priority cybercriminals are placing on stealing personal and privileged access credentials. Shutting down potential breach attempts from stolen passwords involves keeping every endpoint completely up to date on software updates, monitoring aberrant activity, and knowing if anyone is attempting to change the configuration of a system as an administrator. By having an unbreakable digital tether to every device, greater control and real-time response to breach attempts are possible.

Conclusion

Autonomous endpoints that can self-heal and regenerate operating systems and configurations are the future of cybersecurity, a point that can be inferred from Verizon’s DBIR this year. While CIOs are more budget-focused than ever, CISOs are focused on how to anticipate and protect their enterprises from new, emerging threats. Closing the asset management gaps while securing every endpoint is a must-have to secure any business today. There are several cybersecurity companies offering endpoint security today. Based on customer interviews I’ve done, one of the clear leaders in endpoint resilience is Absolute Software, whose persistent-firmware technology allows them to self-heal their own agent, as well as any endpoint security control and productivity tool on any protected device such as their Resilience suite of applications.

How To Build A Business Case For Endpoint Security

How To Build a Business Case for Endpoint Security

Bottom Line:  Endpoint security business cases do much more than just quantify costs and benefits; they uncover gaps in endpoint and cyber protection that need urgent attention to avert a breach.

Bad actors and hackers prefer to attack threat surfaces that are isolated, vulnerable with out-of-date security patches, yet integrated into a corporate network to provide access. For these reasons and more, endpoints are now the popular choice for hacking attempts. Ponemon Institute’s Third Annual Study on the State of Endpoint Security Risk published in January of this year found that 68% of organizations were victims of successful endpoint attacks in 2019 that compromised data assets and IT infrastructure. Since 2017, successful endpoint attacks have spiked by 26 percent. The Ponemon study also found that it takes the typical organization 97 days to test and deploy patches to each endpoint. When the average endpoint is three months behind on updates, it’s understandable why breaches are increasing. In 2019 the average endpoint breach inflicted $8.94M in losses. The following graphic compares the escalating number of breaches and economic losses for the last three years:

How To Build A Business Case For Endpoint Security

Exploring Endpoint Security’s Many Benefits

Think of building a business case for endpoint security as the checkup every company needs to examine and identify and every threat surface that can be improved. Just as all efforts to preserve every person’s health is priceless today, organizations can’t let their guard down when it comes to keeping endpoint security strong.

The economic fallout of COVID-19 is hitting IT budgets hard. That’s why now is the time to build a business case for endpoint security. CIOs and CISOs have to make budget cuts due to revenue shortfalls. One area no one wants to compromise on, however, is allowing endpoint agents to degrade over time. Absolute Software’s  Endpoint Security Trends Report found that the more complex and layered the endpoint protection, the greater the risk of a breach. Overloading every endpoint with multiple agents is counterproductive and leaves endpoints less secure than if fewer agents were installed.  Additionally, Absolute just launched a Remote Work and Distance Learning Insights Center, providing insights into the impact of COVID-19 on IT and security controls. An example of the dashboard shown below:

How To Build A Business Case For Endpoint Security

 

Business Case Benefits Need To Apply To  IT and Operations

Absolute and Ponemon’s studies suggest that autonomous endpoints are the future of endpoint security. Activating security at the endpoint and having an undeletable tether to every device solves many of the challenges every business’s IT and Operations teams face. And with the urgency to make IT and Operations as virtual as possible with budgets impacted by COVID-19’s economic fallout, team leaders in each area are focusing on the following shared challenges. COVID-19’s quarantine requirements make hybrid workforces instantly appear and make the budgets needed to support them vanish at the same time.  The following are the shared benefits for IT and Operations that need to anchor any endpoint security business case:

  • The most urgent need is for greater IT Help Desk efficiency. While this is primarily an IT metric, the lack of real-time availability of resources is slowing down remote Operations teams from getting their work done.
  • Both IT and Operations share asset utilization, loss reduction, and lifecycle optimization ownership in many organizations today. Having a persistent, undeletable tether to every device at the hardware level is proving to be an effective approach IT, and Operations teams are relying on to track and improve these metrics. The Absolute and Ponemon studies suggest that the more resilient the endpoint, the better the asset efficiency and lifecycle optimization. Autonomous endpoints can self-heal and regenerate themselves, further improving shared metric performance for IT and Operations.
  • The more autonomous endpoints an organization has, the quicker Operations and IT can work together to pivot into new business models that require virtual operations. Education, Healthcare, Financial Services, Government, and Professional Services are all moving to hybrid remote workplaces and virtual operations as fast as they can. Using the business case for endpoint security as a roadmap to see where threat surfaces need to be improved for new growth is key.

Endpoint Security Benefits 

The following are the benefits that need to be included in creating a business case for endpoint security:

  • Reduce and eventually eliminate IT Help Desk backlogs by keeping endpoints up-to-date. Reducing the call volume on IT Help Desks can potentially save over $45K a year, assuming a typical call takes 10 minutes and the cumulative time savings in 1,260 hours saved by the IT help desk annually.
  • Reduce Security Operations staff interruptions and emergency security projects that require IT’s time to run analytics reports and analyses. Solving complex endpoint security problems burns thousands of dollars and hours over a year between Security, IT, and Operations. Having a persistent, unbreakable connection to every endpoint provides the device visibility teams need to troubleshoot problems. Assuming the 2,520 hours IT Security teams alone spend on emergency endpoint security problems could be reduced, organizations could save approximately $130K a year. 
  • Autonomous endpoints with an undeletable tether improve compliance, control, and visibility and is a must-have in the new hybrid remote workplace. For endpoint security to scale across every threat surface, having an undeletable tether to every device is a must-have for scalable remote work and hybrid remote work programs in the enterprise. They also contribute to lowering compliance costs and improve every aspect of asset management from keeping applications current to ensuring autonomous endpoints can continue to self-heal.
  • Reducing IT asset loss, knowing asset utilization, and system-level software installed by every device can save a typical organization over $300K a year. Autonomous endpoints that can heal themselves and provide a constant hardware connection deliver the data in real-time to have accurate IT asset management and security data teams need to keep software configurations up to date. It’s invaluable for IT teams to have this level of data, as it averts having endpoint patches conflict with one another and leave an endpoint vulnerable to breach.
  • Accurate asset lifecycle planning based on solid data from every device becomes possible. Having autonomous endpoints based on a hardware connection delivers the data needed to increase the accuracy of asset life cycle planning and resource allocation, giving IT and Operations the visibility they need to the device level. IT and Operations teams look to see how they can extend the lifecycle of every device in the field. Cost savings vary by the number of devices in the field and their specific software configurations. The time savings alone is approximately $140K per year in a mid-size financial services firm.
  • The more autonomous and connected an endpoint is, the more automated audit and compliance reporting can become. A key part of staying in compliance is automating the audit process to save valuable time. The Health Insurance Portability and Accountability Act (HIPAA), General Data Protection Regulation (GDPR), and the Payment Card Industry Data Security Standard (PCI DSS) all require ongoing audits. The time and cost savings of automating audits by organizations vary significantly. It’s a reasonable assumption to budget at least a $67K savings per year in audit preparation costs alone.

Evaluating Endpoint Security Costs

The following are the endpoint security costs that need to be included in the business case:

  • Annual, often multi-year endpoint security licensing costs. Endpoint security providers vary significantly in their pricing models, costs, and fees. Autonomous endpoint security platforms can range in licensing costs from $750K to over $1,2M, depending on the size of the organization and the number of devices.
  • Change management, implementation, and integration costs increase with the complexity of IT security, Operations, and IT Service Management (ITSM) integration. Expect to see an average price of between $40K to over $100K to integrate endpoint security platforms with existing ITSM and security information and event management (SIEM) systems.

Creating A Compelling Business Case For Endpoint Security

The best endpoint security business cases provide a 360-degree view of costs, benefits, and why taking action now is needed.

Knowing the initial software and services costs to acquire and integrate endpoint security across your organization, training and change management costs, and ongoing support costs are essential. Many include the following equation in their business cases to provide an ROI estimate. The Return on Investment (ROI) for endpoint security initiative is calculated as follows:

ROI on Endpoint Security (ES) = (ES Initiative Benefits – ES Initiative Costs)/ES Initiative Costs x 100.

A financial services company recently calculated their annual benefits of ES initiative will be $475,000, and the costs, $65,000, will yield a net return of $6.30 for every $1 invested.

Additional factors to keep in mind when building a business case for endpoint security:

  • The penalties for non-compliance to industry-specific laws can be quite steep, with repeated offenses leading to $1M or more in fines and long-term loss of customer trust and revenue. Building a business case for endpoint security needs to factor in the potential non-compliance fees, and penalties companies face for not having autonomous endpoint security. The Health Insurance Portability and Accountability Act (HIPAA), General Data Protection Regulation (GDPR), Payment Card Industry Data Security Standard (PCI DSS), California Consumer Privacy Act (CCPA), and other laws require audit reporting based on accurate endpoint security data.
  • Endpoint Security ROI estimates fluctuate, and it’s best to get started with a pilot to capture live data with budgets available at the end of a quarter. Typically organizations will allocate the remaining amounts of IT security budgets at the end of a quarter to endpoint security initiatives.
  • Succinctly define the benefits and costs and gain C-level support to streamline the funding process. It’s often the CISOs who are the most driven to achieve greater endpoint security the quickest they can. Today with every business having their entire workforces virtual, there’s added urgency to get endpoint security accomplished.
  • Define and measure endpoint security initiatives’ progress using a digitally-enabled dashboard that can be shared across any device, anytime. Enabling everyone supporting and involved in endpoint security initiatives needs to know what success looks like. Having a digitally-enabled dashboard that clearly shows each goal or objective and the company’s progress toward them is critical to success.

Conclusion

The hard economic reset COVID-19 created has put many IT budgets into freefall at a time when CIOs and CISOs need more funding to protect proliferating hybrid remote workforces. Endpoint security business cases need to factor in how they can create an undeletable resilient defense for every device across their global fleets. And just as every nation on the planet isn’t letting its guard down against the COVID-19 virus, every IT and cybersecurity team can’t let theirs down either when it comes to protecting every endpoint.

Autonomous endpoints that can self-heal and regenerate operating systems and configurations are the future of endpoint security management. The race to be an entirely virtual enterprise is on, and the most autonomous endpoints can be, the more cost-effective and valuable they are. The best business cases bridge the gap between IT and Operations needs. CIOs need endpoint security solutions to be low-cost, low maintenance, reliable yet agile. Operations want an endpoint solution that has a low cost of support, minimal if any impact of IT Service Help Desks, and always-on monitoring. Building a business case for endpoint security gives IT and Operations the insights they need to protect the constantly changing parameters of their businesses.

 

Protecting Privileged Identities In A Post-COVID-19 World

Protecting Privileged Identities In A Post-COVID-19 World

Bottom Line: Every organization needs to digitally reinvent their business, starting at the system level to safely sell and serve customers with minimal physical interaction.

The hard reset every business is going through creates a strong sense of urgency to increase the agility, speed, and scale of selling, as well as customer service options that protect the health of employees, customers, and partners. Customer experience needs to be the cornerstone of digital transformation, with the customers’ health and welfare being the highest priority. Businesses need to realize that digitally reinventing themselves is no longer optional. Every customer-facing system is going to need the best infrastructure, security, and stability for any business to survive and grow.

Securing Infrastructure Needs To Come First

COVID-19 was a wake-up call that companies need to operate as multi-channel players, allowing for physical but, more importantly, virtual presence. For instance, in retail, only those that will step up their efforts in building on-line ordering and associated nation-wide logistics networks will survive in the longer-term. If the cloud was considered an option in the past, it now is mandatory. In turn, the need for security has increased.

Starting with infrastructure, hybrid- and multi-cloud environments need to be augmented with additional system support, new apps, and greater security to support the always-on nature of competing in a virtual world. Providing self-service sales and support across any device at any time and keeping all systems synchronized is going to take more real-time integration, better security, more precise pricing, and so much more.

Consumer electronics manufacturers’ biggest challenge is reinventing their infrastructure while selling and serving customers at the same time. Part of their biggest challenge is protecting privileged access credentials that have become fragmented across hybrid- and multi-cloud environments. Everyone I’ve spoken with is balancing the urgent need for new revenue through new channels on the one hand with intensity to secure infrastructure and the most valuable security assets of all, privileged access credentials.

According to a 2019 study by Centrify among 1,000 IT decision-makers, 74% of respondents whose organizations have been breached acknowledged that it involved access to a privileged account. These are typically used by a small set of technical personnel to access the most critical systems in the IT estate, including modern technologies such as cloud, DevOps, microservices, and more. The CIO of a local financial services and insurance company, who is a former student and friend, told me that “it’s often said that privileged access credentials are the keys to the kingdom, and in these turbulent times they’re the keys to keeping any business running.”

CIOs, CISOs, and their teams are focusing on four key areas today while digitally reinventing themselves to provide more flexible options for customers:

  • Secure every new self-service selling and service channel from breaches.
  • Fast-track cloud projects to become 100% virtual and available.
  • Simplify infrastructure management by integrating IT and Operations Management across hybrid and multi-cloud environments.
  • Improve compliance reporting as well as reduce audit costs and associated fines.

Legacy Privileged Access Management (PAM) Can’t Scale For Today’s Threats

Sophisticated social engineering and breach attempts are succeeding in misdirecting human responses to cyber threats, gaining access to valuable privileged access credentials in the process. Legacy PAM systems based on vaulting away shared and root passwords aren’t designed to protect hybrid cloud and multi-cloud environments. These DevOps systems include containers and microservices, APIs, machines, or services. Furthermore, multi-cloud environments create additional challenges because access management tools used for one vendor cannot be used with another.

Switching from in-person to self-service selling and service creates new challenges and an entirely new series of requirements for identity and access management. These requirements include securing a continually-increasing number of workloads that cause the amount of data in the cloud to grow exponentially. There’s also the need to centralize identities for consistent access controls across hybrid and multi-cloud environments – all happening while a business is busy digitally reinventing itself. Compounding all of these challenges is the need to excel at delivering an excellent user experience without sacrificing security in an increasingly self-service, always-on, 24/7 world.

Securing Privileged Access In A Post-COVID-19 World

If you’re looking for a sure sign any business will be around and growing in twelve months, look at how fast they are digitally reinventing themselves at the infrastructure level and protecting privileged access credentials first. Digital-first businesses are taking a more adaptive approach to consistently controlling access to hybrid infrastructure for both on-premises and remote users now.

Centrify and others are making rapid progress in this area, with Centrify’s Identity-Centric PAM taking a “never trust, always verify, enforce least privilege” approach to securing privileged identities. Centrify’s approach to Identity-Centric PAM establishes per-machine trust so it can defend itself from illegitimate users – whether human or machine  – or those without the right entitlements. It then grants least privilege access just-in-time based on verifying who is requesting access, the context of the request, and the risk of the access environment as is illustrated in the graphic below:

Protecting Privileged Identities In A Post-COVID-19 World

Conclusion

Improving customer experiences needs to be at the center of any digital transformation effort. As every business digitally transforms itself to survive and grow in a post-COVID-19 world out of necessity, they must also improve how they secure access to their cloud and on-premises infrastructure. Legacy PAM was designed for a time when all privileged access was constrained to resources inside the network, accessed by humans, using shared/root accounts.

Legacy PAM was not designed for cloud environments, DevOps, containers, or microservices. Furthermore, privileged access requesters are no longer limited to just humans, but also include machines, services, and APIs.

Privileged access requesters need greater agility, adaptability, and speed to support DevOps’ growing roadmap of self-service and increasingly safer apps and platforms. While privileged identities must be protected, DevOps teams need as much agility and speed as possible to innovate at the rapidly changing pace of how customers choose to buy in a post-COVID-19 world.

Machines Protecting Themselves Is The Future Of Cybersecurity

Machines Protecting Themselves Is The Future Of Cybersecurity

Bottom Line: Existing approaches to securing IT infrastructure are proving unreliable as social engineering and breach attempts succeed in misdirecting human responses to cyber threats, accentuating the need for machines to protect themselves.

Any nations’ digital infrastructure and the businesses it supports are its most vital technology resources, as the COVID-19 pandemic makes clear. Cybercriminal and advanced persistent threat (APT) groups are attempting to capitalize on the disruption that COVID-19 is creating to engage in malicious cyber activity. It’s become so severe that the United States Department of Homeland Security (DHS) Cybersecurity and Infrastructure Security Agency (CISA) and the United Kingdom’s National Cyber Security Centre (NCSC) issued a joint alert, COVID-19 Exploited by Malicious Cyber Actors earlier this month.

“If you’re in the Department of Defense, your doctrine says land, sea, air, space, cyber. An entirely new domain of warfare, but fundamentally, an entirely new domain of human existence. That’s really disruptive,” said General Michael Hayden during his keynote at the 2017 Institute for Critical Infrastructure Technology (ICIT) Winter Summit. General Hayden’s comments are prescient of the world in 2020.

In the same keynote, he said that it’s essential that cyber-threats and the actors carrying them out be treated as invading armies and cyber-attacks be considered an act of war. “We self-organize and use business models to guide our self-organization,” General Hayden said. “We will have to rely on ourselves and the private sector in a way that we have not relied on ourselves for security.”

General Hayden’s’ comments are a call to action to the private sector to take the initiative and innovate quickly to secure the cyber-domain. Machines protecting themselves is an area noteworthy for its innovative technologies for securing IT infrastructures and the networks that comprise them.

Exploring An Approach to How Machines Protect Themselves

Wanting to learn more about how machines would be able to protect themselves automatically, I spoke with Centrify’s Chief Strategy Officer, David McNeely. He explained that one of the best ways is to have a client that is an integral part of any operating system act as an intermediary that establishes a trusted identity for each client system on a network. The client would then be able to authenticate every login attempt and request for resources by verifying each login through an authoritive security management platform such as Active Directory (AD).

McNeely explained how Centrify’s approach to having machines protect themselves using clients integrated with operating systems. “The client is designed to enable the computer to authenticate users. It must have a trusted relationship with the authoritative identity service in the organization that manages user accounts, this is usually Active Directory. The computer account and trust relationship is what enables strong authentication of user login requests” he said.

He continued, “Self-defending machines address the paradigm shift occurring in cybersecurity today where protection cannot be enforced at the network boundary. In the past, trusted networks were defined by administrators using network protection tools such as VLANs, firewalls and VPNs in order to protect a group of machines on that network. With self-defending machines, it’s possible to implement a true Zero Trust approach more fully where the network cannot be trusted.”

The following is a graphic of how Centrify is approaching machine-to-machine Zero Trust across distributed environments:

Machines Protecting Themselves Is The Future Of Cybersecurity

Centrify’s approach is based on servers protecting themselves by enforcing a policy defined by IT administrators as stored in Active Directory (AD) or Centrify’s Privileged Access Service. Clients then carry out the orders, enforcing centrally managed policies for each of the following scenarios:

  • Define who can login, making sure only authorized personnel are allowed access.
  • Whether clients should initiate the process of enforcing MFA or not, to make sure the login attempt isn’t a bot, fake ID, or incorrect human.
  • Whether audit is required or not of the login session and if so, what conditions define if it should be recorded or not.
  • Which privileges are granted to each user and for how long once they’ve gained access to systems.

Why The NIST 800-207 Standard Matters

The National Institute of Standards and Technology (NIST) has defined Zero Trust architecture as a set of guiding principles that organizations can use to improve their security posture. You can view the publication online here: NIST Zero Trust Special Publication 800-207, Zero Trust Architecture (PDF, 58 pp., no opt-in).

Organizations need to continually evaluate their existing cybersecurity defenses in light of the Tenets of Zero Trust in order to continually improve their security postures. The NIST standard underscores the importance of how security architecture matters. For example, defenses to protect assets need to be as close to the asset as possible, much like in a war. In this new era of cyberwarfare, soldiers will need their own body armor and tools to defend against an adversary. Similarly, it is important to arm each server with appropriate defenses to protect against cyberthreats.

Conclusion

General Hayden’s challenge to private industry to pick up the pace of innovation so the nations’ cyber-domain is secure resonates with every cybersecurity company I’ve spoken with. One of the most noteworthy is Centrify, who has devised an enterprise-ready approach for machines to protect themselves across infrastructure and network configurations. It’s Identity-Centric approach to authenticating every login attempt and request for resources by verifying each login – through Active Directory (AD) or the cloud-based, FedRAMP-authorized Centrify Privileged Access Service – differentiates its approach from other cybersecurity vendors attempting to empower machine self-defense.

 

How Absolute Protects Patient Data At Apria Healthcare

How Absolute Protects Patient Data At Apria Healthcare

Bottom Line: Healthcare providers need to adopt more persistent, resilient endpoint cybersecurity to thwart cybercriminals who are escalating their efforts to steal healthcare records. Motivated by up to $1,000 being offered on the Dark Web for healthcare records, cybercriminals are prioritizing healthcare breaches for financial gain.

Endpoint Resilience Is the Cornerstone of Apria Healthcare’s Cybersecurity Strategy

Healthcare providers are a favorite target for cybercriminals, and their popularity is growing. In the first eight weeks of 2020, the U.S. Department of Health and Human Services received 66 reports of breaches affecting 500 patient records or more at healthcare providers and health plans. The Health & Human Services Breach Portal, which contains a list of all cases under investigation today, reflects the severity of healthcare providers’ cybersecurity crisis and the urgent need for a strong, resilient system to protect patient information. Apria Healthcare is well aware of these threats and has taken an innovative, insightful approach to thwart them.

Apria Healthcare’s cybersecurity strategy focuses heavily on deterrence at the endpoint and device level, an approach that has proven effective in mitigating breaches globally. The company is a recognized leader in healthcare, serving nearly 2M patients annually across 300 locations in 49 states. They have more than 8,000 laptops, desktops and tablets, many of which regularly leave the organization. Apria needed a way to deliver zero-touch IT asset management, provide self-healing endpoint security, and employ always-on data visibility and protection whether an asset was on or off their corporate network. They turned to Absolute and the company’s patented Persistence technology.

“Persistence [located] in the BIOS is the number one item that I think really sets Absolute apart from other companies touting that they can do asset tracking better,” said Janet Hunt, Senior Director, IT User Support at Apria Healthcare. “The other vendors really can’t, they don’t have that piece – that persistent piece is so important to me. I always am looking for opportunities to use different technologies as they come up, and I haven’t found anything that’s as good as Absolute. Nothing can compare.”

Absolute’s Persistence technology, the foundation of the company’s Resilience solution, enables a self-healing, unbreakable two-way connection to endpoints, applications, and data. It provides an adaptive layer of defense by notifying IT of where devices are and when security applications are removed or corrupt, and triggering automatic reinstallation. Because Absolute is already embedded in the BIOS of Dell, HP, Lenovo, and 22 other leading manufacturers’ devices, it provides Apria with the single source of truth needed to protect personal data and help achieve HIPAA compliance.

Turning HIPAA Compliance into A Competitive Advantage  

Apria quickly established a leadership position in the healthcare industry by setting and maintaining stringent requirements needed to achieve HIPAA compliance across its patient data platform. Leveraging Absolute’s Resilience solution and Persistence technology, Apria differentiated itself from its competitors and reduced the risk they would ever see fines for HIPAA non-compliance. And with HIPAA fines ranging from $25,000 to $15.M per year, Apria’s prescient decision to turn compliance into a competitive advantage was an excellent one because it put patients’ welfare and data security first, above all other IT priorities.

Achieving Greater Device Control & Visibility Is Key 

Absolute’s dashboard provides Apria with both a snapshot of the status of all devices, updated every 15 minutes, as well as a complete device history that enables security managers to see and report on encryption, geolocation, and usage.

“Our geo-fencing is extremely tight. I have PCs that live in the Philippines. I have PCs that live in India. I have one, or actually two, PCs that live in Indonesia. If somebody goes from where they say that they’re going to be to another part of Indonesia, that device will freeze because that’s not where it’s supposed to be, and that’s an automatic thing. Don’t ask forgiveness, don’t ask questions, freeze the device, and see what happens. It’s one of the best things we’ve done for ourselves,” Janet Hunt recently said during a recent during a recent panel discussion. Geofencing is a must-have in any persistent endpoint security strategy.

“[With Absolute] I have a complete history of each device, which makes it really easy for me to say not only whether it is encrypted now, but also what its status was a week ago, or two weeks ago, or two months ago,” said Dave Ochoa, Manager, Information Security Operations at Apria Healthcare. “So, you get this lovely little package that you can hand off to your auditor and say, ‘Not an issue.’ You know that this is not an incident, this is not a breach.”

Endpoint Security’s Network Effect Is Accelerating

Apria Healthcare’s decision to protect its 8,000 laptops, desktops, and tablets using Absolute’s Resilience endpoint solution is a leading indicator of the Network Effect happening with endpoint security today. A sure sign the Network Effect is taking place is how demand is growing for more endpoint security agents and applications. Absolute is seeing this Network Effect globally and has been steadily adding integrations with more than 30 endpoint security agents and applications – most recently adding support for the market-leading security solution VMware® Carbon Black.

“The average enterprise today has already spent thousands, if not millions, of dollars on security controls and applications, and that total security investment only continues to rise in the face of escalating risk,” said Christy Wyatt, CEO of Absolute. “However, the vast number of controls and agents being invested in and subsequently piled onto the endpoint can introduce a false sense of security; those controls are only effective if they are present and actually running. A foundation of Resilience enables IT and security teams to understand the current state of their assets, understand if the security controls have been compromised, and heal those that have been taken offline.”

Conclusion

In the face of increasingly sophisticated attackers and vectors, organizations continue to layer on security controls. Gartner estimates that more than $174B will be spent on security by 2022, and of that, approximately $50B will be dedicated to protecting the endpoint. Absolute’s 2019 Endpoint Security Trends Report revealed that organizations have an average of 10 distinct agents layered onto endpoint devices, all competing with one another for device services and resources. The resulting complexity not only negatively impacts endpoint performance but creates an environment ripe for collision and decay. This, along with humans tampering with or removing security controls, means that even the most well-functioning endpoint agents have a high probability of failure.

All of this has IT and security administrators grappling with increasing complexity and risk levels, while also facing mounting pressure to ensure endpoint controls maintain integrity, availability, and functionality at all times, and deliver their intended value. And so, organizations need complete visibility and real-time insights to pinpoint the dark endpoints, identify what’s broken and where gaps exist, as well as respond and take action quickly.

Absolute’s Resilience offering empowers organizations to build an enterprise security approach that is intelligent, adaptive, and self-healing. Rather than perpetuating a false sense of security, Absolute provides a single source of truth and the diamond image of resilience for endpoints as Apria Healthcare’s cybersecurity strategy and results indicate.

 

 

 

 

How To Know If An E-Mail Is Trustworthy

How To Know If An E-Mail Is Trustworthy

 

Bottom Line: Phishing is the leading cause of all breaches, succeeding because impersonation, redirection, and social engineering methods are always improving. And, phishing is only one way e-mails are used in fraud. Businesses need to understand if an e-mail address can be trusted before moving forward with a transaction.

Microsoft thwarts billions of phishing attempts a year on Office365 alone by relying on heuristics, detonation, and machine learning, strengthened by Microsoft Threat Protection Services. In 2018 Microsoft blocked 5 billion phish e-mails in Office 365 and detonated 11 billion unique items by ATP sandboxing. Microsoft is succeeding with its cybersecurity partners in defeating phishing attacks. Phishers are going to extraordinary lengths to discover new techniques to evade detection and successfully carry out phishing attempts. By analyzing Office 365 ATP signals, Microsoft sees phishers attempt to abuse many legitimate cloud services, including Amazon, Google, Microsoft Office365, Microsoft Azure, and others. Microsoft is creating processes that identify and destroy phishing attempts without impacting legitimate applications’ performance.

Phishers’ Favorite Trojan Horse Is Office365 Followed By Cybersecurity Companies  

Phishers are hiding malicious links, scripts and, in some cases, mutated software code behind legitimate Microsoft files and code to evade detection. Using legitimate code and links as a Trojan Horse to successfully launch a phishing campaign became very popular in 2019 and continues today. Cybercriminals and state-sponsored hackers have been mutating legitimate code and applications for years attempting to exfiltrate priceless data from enterprises and governments globally. Office365 is the phisher’s Trojan Horse of choice, closely followed dozens of cybersecurity companies that have seen hackers attempt to impersonate their products. Cybersecurity companies targeted include Citrix, Comodo, Imperva, Kaspersky, LastPass, Microsoft, BitDefender, CyberRoam, and others.

Using Trojan Horses To Hijack Search Results

In 2019 Microsoft discovered a sophisticated phishing attack that combined impersonation, redirection, and social engineering methods. The phishing attack relied on using links to Google search results as a Trojan Horse to deliver URLs that were poisoned so that they pointed to an attacker-controlled page, which eventually redirected to the phishing page. Microsoft discovered that a traffic generator ensured that the redirector page was the top result for specific keywords. The following graphic explains how the phishing attack was used to poison search results:

Using this workflow, phishers attempted to send phishing e-mails that relied on legitimate URLs as their Trojan Horses from legitimate domains to take advantage of the recipient’s trust. Knowing which e-mails to trust or not is becoming foundational to stopping fraud and phishing attacks.

How Kount Is Battling Sophisticated Attacks 

Meanwhile, e-mail addresses can be a valuable source of information for businesses looking to prevent digital fraud. Misplaced trust can lead to chargebacks, manual reviews, and other undesirable outcomes. But, Kount’s Real-Time Identity Trust Network calculates Identity Trust Levels in milliseconds, reducing friction, blocking fraud, and delivering improved user experiences. Kount discovered that e-mail age is one of the most reliable identity trust signals there are for identifying and stopping automated fraudulent activity.

Based on their research and product development, Kount announced Email First Seen capabilities as part of its AI-powered Identity Trust Global Network. Email First Seen applies throughout the customer journey, from payments to account login to account creation. The Identity Trust Global Network consists of fraud and trust signals from over half a billion e-mail addresses. It also spans 32 billion annual interactions and 17.5 billion devices across 75 business sectors and 50-plus payment providers and card networks. The network is linked by Kount’s next-generation artificial intelligence (AI) and works to establish real-time trust for each identity behind a payment transaction, log in or account creation

E-mail Age Is Proving To Be A Reliable Indicator Of Trust

A favorite tactic of cybercriminals is to create as many new e-mail aliases as they need to deceive online businesses and defraud them of merchandise and payments. Kount is finding that when businesses can identify the age of an e-mail address, they can more accurately determine identity trust. Kount’s expertise is in fraud prevention effectiveness, relying on a combination of fraud and risk signals to generate a complete picture of authentication details. The following graphic illustrates what a Kount customer using Email First Seen will see in every e-mail they receive.

Kount’s Identity Trust Global Network relies on AI-based algorithms that can analyze all available identifiers or data points to establish real-time links between identity elements, and return identity trust decisions in real-time. Kount’s unique approach to using AI to improve customer experiences by reducing friction while blocking fraud reflects the future of fraud detection. Also, Kount’s AI can discern if additional authentication is needed to verify the identity behind the transaction and relies on half a billion e-mail addresses that are integral to AI-based analysis and risk scoring algorithms. Kount is making Email First Seen available to all existing customers for no charge. It’s been designed to be native on the Kount platform, allowing the information to be accessible in real-time to inform fraud and trust decisions.

Conclusion

In 2020 phishing attempts will increasingly rely on legitimate code, links, and executables as Trojan Horses to evade detection and launch phishing attacks at specific targets. Microsoft’s research and continued monitoring of phishing attempts uncovered architecturally sophisticated approaches to misdirecting victims through impersonation and social engineering.

Five Interesting Takeaways From RSA Conference 2020

Five Interesting Takeaways From RSA Conference 2020

 

Bottom Line: Passwordless authentication, endpoint security, cloud-native SIEM platforms, and new API-based data security technologies were the most interesting tech developments, while keynotes focusing on election security, industrial control systems’ vulnerabilities and the persistent threat of state-sponsored ransomware dominated panel discussion.

This year’s RSA Conference was held February 24th to 28th in San Francisco’s Moscone Center, attracting more than 36,000 attendees, 704 speakers, and 658 exhibitors unified by the theme of the Human Element in cybersecurity. The conference’s agenda is here, with many session recordings and presentation slides available for download. Before the conference, RSA published the RSAC 2020 Trend Report (PDF, 13 pp., no opt-in). RSA received 2,400 responses to their Call for Speakers and based their report on an analysis of all submissions. The ten trends in the RSAC 2020 Trend Report are based on an analysis of all papers submitted to the conference. It’s a quick read that provides a synopsis of the main themes of the excellent sessions presented at RSAC 2020.

The following are the five most interesting takeaways from the 2020 RSA Conference:

  • Endpoint security products dominated the show floor, with over 120 vendors promoting their unique solutions. There were over 50 presentations and panels on the many forms of endpoint security as well. Instead of competing for show attendees’ attention on the show floor, Absolute Software took the unique approach of completing a survey during RASC 2020. Absolute’s team was able to interview 100 respondents, with most holding the position of a manager/supervisor or C-level executive. More than three in four respondents reported their organizations are using endpoint security tools, multi-factor authentication, and employee training and education to protect data, devices, and users. You can review their survey results here.
  • The number of vendors claiming to have Zero Trust solutions grew 50% this year, from 60 in 2019 to 91 in 2020. There continues to be a lot of hype surrounding Zero Trust, with vendors having mixed results with their product and messaging strategies in this area. A good benchmark to use for evaluating vendors in the Zero Trust market is the Forrester Wave™: Zero Trust eXtended Ecosystem Platform Providers, Q4 2019, written by Chase Cunningham and published on October 29, 2019. I’ve summarized the lessons learned in the post, What’s New on the Zero Trust Security Landscape In 2019.
  • Over 30 vendors claimed to have passwordless authentication that met the current FIDO2 standard. In keeping with the theme of this year’s RSA Conference of Human Element, vendors offering passwordless authentication were out in force. Centrify, Entrust Datacard, HID Global, Idaptive, ImageWare, MobileIron, Thales, and many others promoted their unique approaches to passwordless authentication, leveraging the FIDO2 standard. FIDO2 is the latest set of specifications from the FIDO Alliance, an industry standards organization that provides interoperability testing and certification for servers, clients, and authenticators that meet FIDO2 specifications. I’ve written a separate post just on this topic, and you can find it here, Why Your Biometrics Are Your Best Password. 
  • Cloud-based security information and event management (SIEM) systems capable of integrating with 3rd party public cloud platforms reflect the maturity nature of this market. Of the several vendors claiming to have cloud-based SIEM, Microsoft’s Azure Sentinel’s demo showed in real-time how fusion AI technology can parse large volumes of low fidelity signals into a few important incidents for SecOps teams to focus on. Microsoft said that in December 2019 alone, Azure Sentinel evaluated nearly 50 billion suspicious signals, isolating them down to just 25 high-confidence incidents for SecOps teams to investigate. The following graphic explains how Azure Sentinel Fusion works.
  • One of the most interesting startups at RSA was Nullafi, who specializes in a novel API-based data security technology that combines data aliasing, vaulting, encryption, and monitoring to create an advanced data protection platform that makes hacked data useless to hackers. What makes Nullafi noteworthy is how they’ve been able to build a data architecture that protects legacy and new infrastructures while making the original data impossible for a hacker to reverse engineer and gain access to. It desensitizes critical data so that it’s useless to hackers but still useful for an organization to keep operating, uninterrupted by a breach to your business. Nullafi is built to AWS GovCloud standards. The Nullafi SDK encrypts the data before sending it to the Nullafi API. It then re-encrypts the data within their zero-knowledge vault in the cloud (or on-premises). The result is that no sensitive data in any format is shared with Nullafi that could be used or lost, as their architecture doesn’t have visibility into what the actual data looks like. The following graphic explains their architecture:

 

How To Redefine The Future Of Fraud Prevention

How To Redefine The Future Of Fraud Prevention

Bottom Line: Redefining the future of fraud prevention starts by turning trust into an accelerator across every aspect of customer lifecycles, basing transactions on identity trust that leads to less friction and improved customer experiences.

Start By Turning Trust Into A Sales & Customer Experience Accelerator

AI and machine learning are proving to be very effective at finding anomalies in transactions and scoring, which are potentially the most fraudulent. Any suspicious transaction attempt leads to more work for buying customers to prove they are trustworthy. For banks, e-commerce sites, financial institutes, restaurants, retailers and many other online businesses, this regularly causes them to lose customers when a legitimate purchase is being made, and trusted customer is asked to verify their identity. Or worse, a false positive that turns away a good customer all together damages both that experience and brand reputation.

There’s a better way to solve the dilemma of deciding which transactions to accept or not. And it needs to start with finding a new way to establish identity trust so businesses can deliver better user experiences. Kount’s approach of using their Real-Time Identity Trust Network to calculate Identity Trust Levels in milliseconds reduces friction, blocks fraud, and delivers an improved user experience. Kount is capitalizing on their database that includes more than a decade of trust and fraud signals built across industries, geographies, and 32 billion annual interactions, combined with expertise in AI and machine learning to turn trust into a sales and customer experience multiplier.

How Real-Time AI Linking Leads To Real-Time Identity Trust Decisions

Design In Identity Trust So It’s The Foundation of Customer Experience

From an engineering and product design standpoint, the majority of fraud prevention providers are looking to make incremental gains in risk scoring to improve customer experiences. None, with the exception of Kount, are looking at the problem from a completely different perspective, which is how to quantify and scale identity trust. Kount’s engineering, product development, and product management teams are concentrating on how to use their AI and machine learning expertise to quantify real-time identity trust scores that drive better customer experiences across the spectrum of trust. The graphic below illustrates how Kount defines more personalized user experiences, which is indispensable in turning trust into an accelerator.

An Overview of Kount’s Technology Stack

How To Redefine The Future Of Fraud Prevention

Realize Trust Is the Most Powerful Revenue Multiplier There Is

Based on my conversations with several fraud prevention providers, they all agree that trust is the most powerful accelerator there is to reducing false positives, friction in transactions, and improving customer experiences. They all agree trust is the most powerful revenue multiplier they can deliver to their customers, helping them reduce fraud and increase sales. The challenge they all face is quantifying identity trust across the wide spectrum of transactions their customers need to fulfill every day.

Kount has taken a unique approach to identity trust that puts the customer at the center of the transactions, not just their transactions’ risk score. By capitalizing on the insights gained from their Identity Trust Global Network, Kount can use AI and machine learning algorithms to deliver personalized responses to transaction requests in milliseconds. Using both unsupervised and supervised machine learning algorithms and techniques, Kount can learn from every customer interaction, gaining new insights into how to fine-tune identity trust for every customer’s transaction.

In choosing to go in the direction of identity trust in its product strategy, Kount put user experiences at the core of their platform strategy. By combining adaptive fraud protection, personalized user experience, and advanced analytics, Kount can create a continuously learning system with the goal of fine-tuning identity trust for every transaction their customers receive. The following graphic explains their approach for bringing identity trust into the center of their platform:

Putting Customers & Their Experiences First Is Integral To Succeeding With Identity Trust

How To Redefine The Future Of Fraud Prevention

 

Improving customer experiences needs to be the cornerstone that drives all fraud prevention product and services road maps in 2020 and beyond. And while all fraud prevention providers are looking at how to reduce friction and improve customer experiences with fraud scoring AI-based techniques, their architectures and approaches aren’t going in the direction of identity trust. Kount’s approach is, and it’s noteworthy because it puts customer experiences at the center of their platform. How to redefine the future of fraud prevention needs to start by turning trust into a sales and customer experience accelerator, followed by designing in identity trust. Hence, it’s the foundation of all customer experiences. By combining the power of networked data and adaptive AI and machine learning, more digital businesses can turn trust into a revenue and customer experience multiplier.

How AI Is Improving Omnichannel CyberSecurity In 2020

How AI Is Improving Omnichannel CyberSecurity in 2020

  • 52% of financial institutions plan to invest in additional measures to secure existing accounts, and 46% plan to invest in better identity-verification measures.
  • 42% of digital businesses that consider themselves technologically advanced are finding fraud is restraining their ability to grow and adopt new digital innovation strategies.
  • 33% of all businesses across retail, financial institutions, restaurants, and insurance are investing in their omnichannel strategies this year.

These and many other insights are from Javelin Strategy, and Research report published this month, Protecting Digital Innovation: Emerging Fraud and Attack Vectors. A copy of the report can be downloaded here (25 pp., PDF, opt-in). The methodology is based on a survey of 200 fraud and payment decision-makers for businesses headquartered in the United States. Respondents are evenly distributed from four industries, including consumer banking, insurance, restaurants/food service, and retail merchants.

The survey’s results are noteworthy because they reflect how AI and machine learning-based fraud prevention techniques are helping retailers, financial services, insurance, and restaurants to reduce false positives that, in turn, reduces friction for their customers. All industries are in an arms race with fraudsters, many of whom are using machine learning to thwart fraud prevention systems. There are a series of fraud prevention providers countering fraud and helping industries stay ahead. A leader in this field is Kount, with its Omniscore that provides digital businesses with what they need to fight fraud while providing the best possible customer experience.

The following are the key insights from the Javelin Strategy and Research report published this month:

  • Retailers, financial institutions, restaurants, and insurance companies need to invest in fraud mitigation at the same rate as new product innovation, with retail and banking leading the way. Restaurants and insurance are lagging in their adoption of fraud mitigation techniques and, as a result, tend to experience more fraud. The insurance industry has a friendly fraud problem that is hard to catch. Over half of the financial institutions interviewed, 52% plan to invest in additional technologies to secure existing accounts, and 46% plan to invest in better identity-verification measures. Based on the survey, banks appear to be early adopters of AI and machine learning for fraud prevention. The study makes an excellent point that banking via virtual assistants is still nascent and constrained by the lack of information sharing within the ecosystem, which restricts authentication measures to PINs and passwords.

How AI Is Improving Omnichannel CyberSecurity in 2020

  • 57% of all businesses are adding new products and services as their leading digital innovation strategy in 2020, followed by refining the user experience (55%) and expanding their digital strategy teams. Comparing priorities for digital innovation across the four industries reflects how each is approaching their omnichannel strategy. The banking industry places the highest priority on improving the security of existing user accounts at 52% of financial institutions surveyed. Improving security is the highest priority in banking today, according to the survey results shown below. This further validates how advanced banking and financial institutions are in their use of AI and machine learning for fraud prevention.

How AI Is Improving Omnichannel CyberSecurity in 2020

  • Digital businesses plan to improve their omnichannel strategies by improving their website, mobile app, and online catalog customer experiences across all channels in addition to better integration between digital and physical services is how. 40% of respondents are actively investing in improving the integration between digital and physical services. That’s an essential step for ensuring a consistently excellent user experience across websites, product catalogs, buy online and pick up in-store, and consistent user experiences across all digital and physical channels.

How AI Is Improving Omnichannel CyberSecurity in 2020

  • 69% of all digital businesses interviewed are planning to make additional fraud investments this year. Banking and financial institutions dominate the four industries surveyed in the plans for additional fraud investment. 82% of consumer banks are planning to invest in additional fraud detection technologies. Insurers are least likely to invest in fraud detection technologies in 2020. The study notes that this can be attributed to insurers’ unique challenges with first-party fraud or fraud committed by legitimate policyholders, which is poorly addressed by many mainstream fraud controls.

How AI Is Improving Omnichannel CyberSecurity in 2020

  • Using AI-based scoring techniques to detect stolen credit card data being used online or in mobile apps, dominates financial institutions’ priorities today. 34% of financial institutions cite their top fraud threat being the use of stolen credit card data used online or in mobile apps. 18% say account takeovers are their most important area to reduce fraud. Financial institutions lead all others in fraud technology investments to thwart fraud, with managing digital fraud risk being the highest priority of all compared to the three other industries represented in the survey.

How AI Is Improving Omnichannel CyberSecurity in 2020

  • 52% of all financial institutions say that improving the security of existing user accounts leads all digital investment priorities in 2020. What’s significant about this finding is that it outpaces adding new digital products and services and improving identity verification of new users. This is another factor that contributes to financial institutions’ leadership role in relying on AI and machine learning to improve fraud detection and deterrence.   

How AI Is Improving Omnichannel CyberSecurity in 2020

 

 

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